- U.S. Treasury asks about later payments as debt ceiling deadline nears The Washington Post
- The Treasury Department could issue $700 billion in T-bills within weeks of a debt-ceiling deal, draining liquidity from markets Yahoo Finance
- Goldman Sachs says the US has an extra 8 days before it runs out of money to pay its bills. That could buy it more time to negotiate the debt ceiling. msnNOW
- Treasury to run low on cash by June 8 or 9 unless debt limit raised: Goldman Sachs Fox Business
- Goldman Sachs: Treasury Cash To Dip Below Minimum By June 8-9 – Invesco QQQ Trust, Series 1 (NASDAQ:QQQ), SPDR S&P 500 (ARCA:SPY) Benzinga
- View Full Coverage on Google News
Tag Archives: payments
MLB Seeking Overdue Rights Payments From Diamond For Twins/Guardians Broadcasts – MLB Trade Rumors
- MLB Seeking Overdue Rights Payments From Diamond For Twins/Guardians Broadcasts MLB Trade Rumors
- MLB files emergency motion in Diamond Sports bankruptcy demanding payments for Twins, Guardians The Athletic
- Late payment starts waiting game for Bally Sports, Guardians Akron Beacon Journal
- A regional sports network bankruptcy means some baseball fans may not see games on TV WUSF Public Media
- The Regional Sports Network Crisis: MLB Files Emergency Motion For Twins, Guardians Payments – Now What? The TV Answer Man
- View Full Coverage on Google News
MLB files emergency motion in Diamond Sports bankruptcy demanding payments for Twins, Guardians – The Athletic
- MLB files emergency motion in Diamond Sports bankruptcy demanding payments for Twins, Guardians The Athletic
- MLB Seeking Overdue Rights Payments From Diamond For Twins/Guardians Broadcasts MLB Trade Rumors
- Late payment starts waiting game for Bally Sports, Guardians Akron Beacon Journal
- The Regional Sports Network Crisis: What’s Being Overlooked About Diamond’s Missed Payments The TV Answer Man
- Diamond Sports misses media rights payment to Twins, makes payments to eight other teams Awful Announcing
- View Full Coverage on Google News
Relief checks live updates: COLA 2023, mortgages, social security payments, housing market, December jobs report
US labor market powers ahead, but wage growth loses steam
The US economy added jobs at a solid clip in December, pushing the unemployment rate back to a pre-pandemic low of 3.5% as the labor market remains tight, but Federal Reserve officials could draw some solace from a moderation in wage gains.
Still, the US central bank’s fight against inflation is far from being won. The Labor Department’s closely watched employment report on Friday also showed household employment rebounding by a whopping 717,000 jobs last month.
Recent declines in household employment had fanned speculation that nonfarm payrolls, the main measure of employment gains, were overstating job growth.
Labor market resilience, despite the Fed embarking last March on its fastest interest rate-hiking cycle since the 1980s, is underpinning the economy by sustaining consumer spending. It, however, raises the risk the Fed could lift its target interest rate above the 5.1% peak it projected last month and keep it there for a while.
“The labor market remains resilient but is losing pep and worker shortages remain intense,” said Sal Guatieri, a senior economist at BMO Capital Markets in Toronto. “While wage growth has moderated, it’s still far from consistent with price stability. Don’t look for the Fed to ratchet down its hawkish talk or slow the pace of rate hikes on February 1.”
Inflation relief checks by state live online updates: California, Florida… | Middle-class tax refund, payments…
What are the main causes of inflation in the US?
Inflation is decreasing, but consumer prices remain almost eight percent higher than they were a year ago. For many families, this news is troubling as the holiday season approaches, and many evaluate their travel and gift-buying plans in the coming weeks.
The current inflationary crisis is not only being felt in the United States.
Germany has seen prices rise 10.4 percent since October 2021, and consumers in Argentina are trying to keep up with historic inflation that is expected to clock in 73.5 percent higher in January 2023 compared to the same period this year.
Around the world, the supply chain breakdowns caused by the covid-19 pandemic, the energy crisis caused by the Russian invasion of Ukraine, and corporate greed are leading to higher prices across critical markets, including food and shelter.
Read our full coverage for the details and what actions are being taken to reduce inflationary pressure across markets.
Inflation Relief Checks live online by state: California, Florida… | Deadline, payments & elegibility
Last day to file for the Illinois Family Relief tax rebate payments
Illinois taxpayers must file a 2021 state income tax return by today 17 October 2022 to claim a one-time tax rebate under the Illinois Family Relief Plan Gov. JB Pritzker announced in September that payments for income and property tax rebates would start going out automatically on 12 September to those that meet certain requirements.
Those who made less than $200,000 in 2021 and are not claimed as a dependent on another return will receive $50 rebates, the amounts double for couples filing jointly. Households will also receive up to $300 if they have dependents, $100 per dependent up to three.
Households that pay property tax can also claim the amount that is equal to the property tax credit they qualified to claim on their 2021 IL-1040 up to a maximum of $300.
Anyone who hasn’t filed can still access the rebates if they file no later than 17 October 2022.
Inflation Relief Checks live online updates by state: California, Florida… | Payments, who qualifies & amounts
Welcome to the AS USA live blog on financial payments being sent by states to assist residents as inflation continues to rock the economy.
Last week, California sent out its first batch of payments for the Middle-Class Tax Refund, which will send checks worth up to $1,050 to millions of households across the state. Direct deposit payments will be made first.
Additionally, this week, the Social Security Administration will announce the 2023 Cost-of-living adjustment that will be made to payments in January.
Follow along for more news on the payments being sent in other states, as well as support that may come from the federal level.
Inflation Relief Checks live online updates by state: California, Florida… | Payments, who qualifies & amounts
US NEWS
Biden’s student loan forgiveness plan: When does it start, who qualifies and how to apply?
It was announced last August that a plan for accessing the student debt forgiveness plan would come in October. This is yet to have happened but CNN reports that the application plan is due out very, very soon, so you should keep switched on to the news or be aware of updates on the Federal Student Aid website as the details will be released there first.
Pell Grant recipients and non-grantees will be able to cut $20,000 and $10,000 in student loan debt, respectively, so long as they make under $125,000 a year (250,000 for married couples). Of those surveyed in a Data for Progress poll in August, 29 percent of students had less than $10,000 in debt, highlighting the large impact President Biden’s decision will have on millions of borrowers.
Read our full coverage for more details on President Biden’s plan to cancel some student loan debt.
This is why Google won’t allow Pixel 7’s Face Unlock to verify mobile payments
Reuters reports that even Google isn’t ready to pronounce Face Unlock secure enough to authenticate mobile payments. So only the under-display fingerprint scanner will be able to verify the identity of a Pixel 7 series user checking out of a store using Google Pay. Google doesn’t consider its facial recognition system secure enough to allow Face Unlock to be used to verify the identity of a Pixel 7 or Pixel 7 Pro user signing into an app using his or her Google Account.
Google says that the Pixel 7 version of Face Unlock is not secure enough to verify mobile payments
Google says that facial recognition needs to allow spoofing to unlock a phone 7% of the time or less for it to be considered secure. Spoofing on the new Face Unlock system will allow someone besides the phone’s owner to unlock the device more than 20% of the time. The Alphabet unit also warns users that Face Unlock can have issues in low light. Because the iPhone uses an infrared camera for Face ID, low-light conditions are not a problem for Apple’s TrueDepth Camera.
This past week Google announced that the Pixel 7 line will have Face Unlock
It should be pointed out that in 2019, the Pixel 4 series had secure Face Unlock using the same components Apple uses with the TrueDepth Camera. But sourcing the parts was much more expensive for Google since much fewer Pixel 4 handsets were produced compared to the number of iPhone units produced.
Face ID on Apple iPhone models started with the iPhone X in 2017 and produces 3D depth maps of users’ faces making it harder to fool facial recognition systems. That’s because, without the depth map, a bad actor could use a photograph of a phone’s owner to unlock a device. We don’t know exactly how Face Unlock works on the Pixel 7 line, but if Google isn’t sold on the idea of allowing its use to confirm mobile payments, it probably is vulnerable to those with malicious intent.
Face Unlock might not be secure but it is still useful
To make sure that a photograph isn’t being used to hack into one of the new Pixel models, Google toyed with the idea of requiring the user to smile, or blink his/her eyes to make Face Unlock more secure as it would show that a live person was in front of the camera. But Google nixed this, according to a Reuters’ source, because it made the Face Unlock process slower.
Pre-order the Google Pixel 7 and Pixel 7 Pro
So the Face Unlock on the Pixel 7 series is limited to unlocking the Lock Screen only. This doesn’t make it useless. In fact, Face Unlock will still make it easier and faster to unlock your phone than the fingerprint sensor. Personally, after using the iPhone 11 Pro Max for over two years, I often forget to unlock my Pixel with the under-display fingerprint button before tapping on a Lock Screen notification. And that becomes a giant pain in the butt since the phone then asks me to punch in my PIN number which adds extra time.
While this is infuriating when you’re in a rush, it is exactly why having Face Unlock will save time and effort. Despite its “limited” capabilities, I’d still love to see Google add the feature to the Pixel 6 Pro, although that now seems like a pipe dream. Reuters says that the pandemic, which forced many to wear masks, was one of the reasons why the Pixel 6 line did not have Face Unlock.
The next US debt crisis: Making hundreds of billions in interest payments
The Price Futures Group senior account executive Phil Flynn reacts to OPEC’s decision to cut oil prices and how that will impact U.S. gas prices on ‘Mornings with Maria.’
The U.S. national debt keeps rising and to make matters worse, interest payments on the debt are rising at an even faster pace.
Next week, the Treasury Department will release data from the final month of fiscal year (FY) 2022, including how much the government spent to service $31 trillion in national debt, the highest it has reached in U.S. history.
According to Treasury data through August, which counts all but the final month of FY22, net interest payments on the debt totaled $471 billion. That is already much higher than the initial White House projection of $357 billion and above Treasury’s mid-year assessment of $441 billion; adding in September’s data could send the total over $500 billion.
At that level, interest on the debt is larger than the discretionary budgets of most federal departments and rivals the amount of money Congress gives to the Department of Defense each year.
NATIONAL DEBT SURPASSES $31 TRILLION
Treasury Secretary Janet Yellen faces a rising national debt and interest payments on the debt that are rising even faster. (AP Photo/Jose Luis Magana, File / AP Newsroom)
Experts warn that one reason why the cost of servicing the debt was underestimated is because those estimates were made when interest rates were lower. For the last several months, the Federal Reserve has ratcheted up interest rates, which means when outstanding federal debt matures and is paid off through the issuance of new debt (or “rolled over”), that new debt is subject to higher interest payments.
Some say these rising rates is a major factor that will cause interest payments on the debt to explode higher in the next few years. The Peter G. Peterson Foundation warns that it is not just an accounting exercise – paying more to service the national debt means taking money away from other priorities.
For example, the foundation estimates that by next year, interest on the debt will soon cost more than all federal income support programs combined – programs such as unemployment, food stamps and child nutrition. Interest on the debt could soar to $1 trillion per year by 2032, or $3 billion each day and take up nearly one-fifth of all federal revenues in that year.
GOP WANTS TO EMPOWER HOUSE BUDGET COMMITTEE TO CURB SPENDING, $31T NATIONAL DEBT
President Biden has overseen a rapid expansion of government debt, and interest rates on that debt are rising. (AP Photo/Susan Walsh / AP Newsroom)
“Interest costs alone will total more than $8 trillion over the next decade, eating up more of our budget than ever, harming our economy and reducing our ability to address national priorities,” said Michael A. Peterson, CEO of the foundation. “Higher interest rates mean higher interest costs on that debt, and Americans understand this presents serious fiscal and economic challenges for our future.”
The Treasury has acknowledged before that changing interest rates can lead to unanticipated increases in the costs of servicing the debt. Last year, for example, the Treasury said interest on the debt was higher than expected because of “higher-than-projected borrowing costs on inflation-protected securities held both by the public and by government accounts.”
The combination of a record-high national debt and the prospect of paying a higher penalty for carrying that debt is leading to renewed calls for a balanced federal budget that at least stops the government from borrowing more.
BIDEN ANNOUNCES STUDENT LOAN HANDOUT AS NATIONAL DEBT SOARS
House Minority Leader Kevin McCarthy, R-CA, answers questions during a press conference at the U.S. Capitol on July 29, 2022 in Washington, D.C. McCarthy is looking to expand congressional oversight of the Biden administration, including its spending (Win McNamee/Getty Images / Getty Images)
“Just in 2022, Congress and the President have approved a combined $1.9 trillion in new borrowing, and President Biden has approved $4.9 trillion in new deficits since taking office,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. “We are addicted to debt.”
“[I]t is time to remind policymakers that whether to grow the national debt further is within their control,” she added. “At the very least, they should commit to no further borrowing in 2022 – it cannot be too much to ask that they practice paying for their priorities by abstaining from any new borrowing for just three months.”
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Congress will face at least one real constraint to new borrowing when it returns from the midterm elections: the debt ceiling. By law, the government can only borrow up to $31.4 trillion, and it is fast closing in on that limit – total debt hit $31.1 trillion this week, and many expect the government will hit the ceiling by January or even sooner.